The team behind heist movie Red Light Runners has been forced to ditch the enterprise investment scheme financing the project after raising barely half its £8m budget.
Investors in the scheme had their cheques returned last week after the film's producers decided not to extend the period in which to raise the full budget and instead signed a financing agreement with European firm Fierce Entertainment.
Producer Clark Westerman says he is disappointed by the failure of the EIS but felt compelled to sign the new deal – which secures around 70 per cent of the film's financing – as just £4m had been raised by the scheme's August closing date.
The film will star Minnie Driver, Michael Madsen, Vinnie Jones and, subject to negotiations, Harvey Keitel and Mickey Rourke. Production starts in November and the film will be distributed in the US and Europe.
Westerman says: “We are disappointed that we did not do this through an EIS. It would have been good for investors, good for us and good for EIS projects in general. But the main objective is to make the film in the UK and that is going to happen.”